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Redcare Pharmacy (RDC) investor relations material

Redcare Pharmacy Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary29 Jul, 2025

Executive summary

  • Sales grew 27% year-over-year to €1.43 billion in H1 2025, driven by strong organic growth in both Rx and non-Rx segments, with notable market share gains in Germany and customer base reaching 13.5 million.

  • Adjusted EBITDA margin doubled from 1.3% in Q1 to 2.6% in Q2, with H1 at 1.9% and adjusted EBITDA reaching €27.2 million.

  • Rx sales in Germany surged 155% year-over-year for H1, with market share reaching 0.87% in June.

  • Strategic investments in logistics, automation, and technology, plus a €300 million convertible bond issue, enhanced financial flexibility and extended debt maturity.

  • Legal clarity on Rx bonus schemes and e-prescription access in Germany further strengthened the business outlook.

Financial highlights

  • H1 2025 revenue: €1,426 million (+27.3% YoY); Q2 revenue: €709 million (+26.5% YoY).

  • Gross profit margin improved to 23.6% in H1 2025 from 23.4% in H1 2024.

  • Adjusted EBITDA: €27.2 million (margin 1.9%); net result: €-2.8 million (H1 2024: €-13.0 million).

  • Cash and cash equivalents exceeded €300 million at June 30, 2025, supported by bond transactions.

  • Order volume reached 22 million in H1, up 25% year-over-year; average basket size rose 8% to €63.92.

Outlook and guidance

  • Full-year 2025 sales growth expected to exceed 25%, with H1 already at 27% year-over-year.

  • Rx sales in Germany projected above €0.5 billion; non-Rx growth for the group above 18%.

  • Adjusted EBITDA margin guidance set at 2% to 2.5% for 2025; long-term target remains above 8%.

  • Confident in accelerating Rx growth in H2 through optimized CAC management and marketing investments.

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Frequently asked questions

Redcare Pharmacy NV (formerly Shop Apotheke Europe N.V.) owns and operates online pharmacies in Germany, Austria, Switzerland, France, Belgium, Italy, and the Netherlands. Its customers can order prescription and non-prescription drugs, personal care products, dietary supplements, baby products, medical devices and supplies; cosmetics; pet accessories; sports nutrition products; foodstuffs; spirits/wine/beer; liquors/cereals/coffees/teas; tobacco products; non-alcoholic beverages; toys and leisure articles; household products; and health care electronics online. The company was formerly known as mediapharm Arzneimittelvertriebs GmbH & Co. KG and changed its name to Shop Apotheke Europe N.V. in December 2011. Shop Apotheke Europe N.V. was founded in 2001 and is headquartered in Sevenum, the Netherlands.

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